IT EXPRESSWAY LIMITED Vs. ASCENT ENGINEERS

JUDGEMENT

(1.) It Expressway Limited/petitioner, a company registered under the Companies Act, has invoked Section 34 of the Arbitration and Conciliation Act, 1996, to challenge the award dated 7.5.2011 passed by the Hon'ble Mr. Justice Doraiswamy Raju, Retired Judge of Supreme Court of India. It is submitted, that the petitioner company is a subsidiary company of Tamil Nadu Road Development Company Limited, a joint venture company of Tamil Nadu Industrial Development Corporation Limited and TIDEL Park Limited. The petitioner company has improved and is maintaining the Rajiv Gandhi Salai Road (IT Corridor), commencing from Madhya Kailash Temple Junction on Sardar Patel Road in South East of Chennai to Sirseri.

(2.) That the petitioner in the month of March, 2008, awarded a contract to Ascent Engineers for construction of Toll Plazas, at IT Corridor on Nomination Basis, for total consideration of Rs. 7,52,84,343/- (Rupees Seven Crores Fifty Two Lakhs Eighty Four Thousand Three Hundred and Forty Three only), as detailed here-under:

(3.) The parties entered into agreement dated 19.3.2008. Ascent Engineers was thereafter awarded additional works, like Container Office and contract office at Rs. 93,97,000/- (Rupees Ninety Three Lakhs and Ninety Seven Thousand only). Thereafter on 20.5.2008, miscellaneous works costing Rs. 2,47,11,000/- (Rupees Two Crores Forty Seven Lakhs and Eleven Thousand only) was also awarded.